Welcome to the protocol, the weekly conclusion of Coindesk of the most important stories of the technological development of cryptocurrencies. We are Margaux Nijkerk and Jamie Crawley, journalists in Coindesk.
In this issue:
- Sofi listed at the Nasdaq tightens Bitcoin lightning for funds
- The Bitcoin Defi project between Solana with the token supported by BTC YBTC
- Valantis acquires Sthype, widening the scope of the liquid pace on the hyperliquid
- Hyperbeat secures $ 5.2 million from Ether.Fi, electricity capital
Network news
Sofi Tape Bitcoin Lightning for funding: Sofi Technologies will soon allow funding payments in addition to Bitcoin Layer-2 Lightning Network thanks to a partnership with Lightspark, aimed at providing real-time international monetary transfers to its members. The Sofi discounts, which should be deployed later this year, will allow users to send US dollars via the SOFI application, recipients receiving local currency deposits abroad, using the universal monetary address of Lightsket (Uma). The Lightspark UMA gives access to a global payment rail designed for speed and scale. Transfers will display initial exchange rates and costs, addressing long -standing pain in traditional fund transfer services. The launch follows Sofi’s back to school in the crypto, after stopping the services in 2023 during its transition to a national bank. Earlier this year, he revealed plans to offer international funds via blockchain and stablecoins and allow users to invest in crypto. – Jamie Crawley Learn more.
Bitlayer between Solana with YBTC: The Bitcoin Defi Bitlayer project has teamed up with Kamino Finance and Orca to bring his token supported by Bitcoin, YBTC, with the Solana ecosystem. This integration is intended to combine Bitlayer’s safety with the speed and scalability of Solana, aligning with the goal of Bitlayer to widen the Bitcoin DEFI sector. He will offer Bitcoin holders of Native BTC exposure and yield opportunities, said Charlie Hu, co-founder of Bitlayer. YBTC, Armoned 1: 1 with BTC, is at the heart of the Bitvm de Bitlayer bridge, which is designed for bitcoin transfers minimized in trust by eliminating centralized intermediaries. The token serves as a direct representation of the BTC locked users in the Bitlayer ecosystem, allowing transparent interoperability between Bitcoin and decentralized financing applications. By holding YBTC, Solana users can maximize yields via Kamino institutional quality gain boxes, which provide automatic and optimized yields labeled in BTC, helping assets to develop effortlessly. – Omkar Godbole Learn more.
Valantis acquires Sthype: Valantis, a decentralized exchange (Dex) protocol, acquired a marked media (Sthype)The second largest liquid jaliage token (LST) On hyperliquid. The financial conditions of the agreement have not been disclosed. Sthype, which was launched as the first LST on Hyperevm, currently holds around $ 180 million in total locked value (TVL)According to the Sthype website. After the agreement, operations, development and STHYPE scale will be managed by Valantis Labs. Addison Spiegel, founder of Thunderhead, the team behind Sthype, will be Valantis advisor. Liquid staggered has become a central pillar in the hyperliquid ecosystem. According to Defilma, Liquid Staking represents more than half of the $ 2.26 billion in Defil Defil. The acquisition is based on the previous launch of Valantis of specific Pools Dex for LST for STHYPE and HHYPE, which attracted nearly 70 million dollars on TVL and treated more than $ 500 million in a negotiation volume. – Oliver Knight Learn more.
Hyperbeat obtains $ 5.2 million in seeds: Hyperbeat, an infrastructure of food performance of the protocol on the decentralized hyperliquidal grant, closed a round of overexcret seeds of $ 5.2 million co-directed by Ether.Fi Ventures and Electric Capital. The increase will be used to develop their performance infrastructure for merchants, protocols and institutions that are exploited in the hyperliquid ecosystem. La Ronde also attracted investments in Coinbase Ventures, Chapter one, Selini, Maelstrom, Digital Anchorage and Backers Community via hypercollective. The hyperbeat serves as a native layer for hyperliquid, building a financial infrastructure without authorization which allows anyone to win, play and spend directly from its chain portfolio. It unlocks the yield generated by hyperliquid financing rates – accessible only accessible to sophisticated market players – and the packaging in simple and tokenized vaults. The news of the increase in seeds occurs while the total value of hyperliquid locking exceeds $ 2.1 billion and institutions are starting to develop greater interest in its ecosystem. – Margaux Nijkerk Learn more.
In other news
- Skybridge Capital, the investment management company of Anthony Scaramucci, plans to tokensize $ 300 million from its hedge funds on the Avalanche network. The firm provides its digital macro fund and its legion legion strategies in partnership with the tokenization supplier Tokeny and its parent, Apex Group, which manages more than 3.5 billions of dollars in assets, according to the press release shared with Coindesk. Apex acquired Tokeny earlier this year. The initiative uses the ERC-3643 token standard with the operational support for the 3.0 Apex digital platform, which manages the issue, administration and distribution. – Kristzian Sandor Learn more.
- Thumzup Media, who counts Donald Trump Jr. as an important action, said that he acquires Dogehash Technologies, Inc. in a stock agreement, bringing digital marketing to cryptographic exploitation on an industrial scale. Under the agreement, the shareholders of Dogehash will receive 30.7 million Thumzup shares, according to a Tuesday press release, evaluating the transaction at $ 153.8 million, depending on the share price of shares. The Combined Company is referred as Dogehash Technologies Holdings, Inc. and list on Nasdaq under the XDOG Ticker, awaiting shareholders’ approval later this year. The company says that it will also use Dogeos de Dogeos Dogeos to play in Defi products, aimed at increasing the yields of minors beyond standard awards. – Sam Reynolds Learn more.
Regulation and Policy
- The cryptography industry rises a counter-offensive against the attempt of the bankers of Wall Street to rewrite the American law on the new Stablecoin, arguing that attempts to withdraw the basic provisions of the law on engineering would include the domain to traditional banks. In a letter to the leaders of the senatorial banking committee dated August 19, the Crypto Council for Innovation and the Blockchain Association urged the legislators to reject the proposals of the American Bankers Association, the Bank Policy Institute and the state banking groups which called for the abolition of article 16(d) the law and the prohibition of yield programs offered by affiliates of stablecoin issuers. Section 16(d) Allows the subsidiaries of the state -tiling institutions to carry out money transmission through the state lines to support the activities of stable issuers, ensuring that holders can buy their tokens at the national level without the need for separate state licenses. Banking groups warned earlier this month than the authorization of state characteristic institutions and not guaranteed to issue stalins and operate on a national level would be equivalent to regulatory arbitration, bypassing state licenses. – Sam Reynolds Learn more
- The most recent vice-president of the American federal reserve which oversees Wall Street Banking, Michelle Bowman, delivered a crypto speech on Tuesday that could have been made by one of the own political factors in the industry, advocating that banks are put behind the push of digital assets and that the Fed gives the rules of the sector that do not obtain crypto. At Wyoming Blockchain Symposium, Bowman warned banks that do not adopt change to crypto “will play a reduced role in the financial system more widely”, and it has also stressed what has already been an obvious change in the feeling of crypto of American banking regulators. “Your industry has already experienced significant friction with bank regulators applying unclear standards, contradictory advice and inconsistent regulatory interpretations,” she said. “We need a clear strategic regulatory framework that will facilitate the adoption of new technologies, recognizing that in some cases, it may be inappropriate and inappropriate to apply existing regulatory guidelines to tackle emerging technology.” – Jesse Hamilton Learn more.
Calendar
- September 22-28: Korea Blockchain Week, Seoul
- October 1-22: Token2049, Singapore
- October 13-15: Digital Asset Summit, London
- October 16-17: Blockchain European Convention, Barcelona
- November 17-22: DevConnect, Buenos Aires
- December 11-13: Solana Breakpoint, Abu Dhabi
- February 10-12, 2026: consensus, Hong Kong
- May 5-7, 2026: consensus, Miami
